Kibo Capital Partners (“Kibo”) announced today that it has sold its interest in the Kenyan logistics and distribution company, General Cargo Group (“GCG”), to majority shareholder Velogic, the logistics arm of Rogers Group. The divestment marks the second exit of Kibo’s sophomore fund Kibo II.
Kibo first backed GCG in 2016 when the company was a Mombasa-based clearing and transportation company. As a result of the investment and Kibo’s close partnership with Rogers Group, GCG transformed into a diversified logistics business with successful expansion into the technology and distribution services business.
“We are pleased to have completed a successful exit of GCG. In close partnership with Rogers, we successfully expanded an already strong company, doubling EBITDA margins and scaling operations. We believe that under Rogers’ leadership, GCG will remain a leader and expand in a sector that is driving growth in East Africa”, Christoph Evard, Partner at Kibo, said.
Financial details of the transaction were not disclosed.
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